Like most things in the twenty first century, banking has also evolved and changed significantly thanks to the internet and the immense advancement in technology, not least of which are mobile devices. With new banking facilities comes a plethora of new banking terms many of which are somewhat confusing! There's Mobile Banking, known by some as M-Banking and then there's internet banking or is it online banking or E-Banking? Well, what we do know is that neither mobile banking nor internet banking means having to locate and physically go into a bank to visit a teller but other than that, is mobile banking different from internet banking?
It is important to distinguish the various new terminology before one gets a clear idea of whether there are marked differences between these two types of banking via the Web. M-Banking or Mobile banking or text/SMS banking as it is sometimes known, is designed to allow you to access your banking features through your mobile device such as a smartphone. It is still relatively new to many and it does not cover every type of banking facility but it can be used for performing balance checks, account transactions, payments, credit applications by example. It has earned the term 'anywhere' banking for its accessibility and it has seen a phenomenal growth over the past ten years and more recently, particularly to those who use their smartphones a lot.
Internet banking, or E-Banking refers to a system where a customer can access their accounts and banking information via a personal computer or similar device. This was first introduced in the 1980's but has seen a massive growth of usage over the past decade. So the two concepts sound relatively similar, but just use a different device - or do they? With the huge advances in smartphone technology and the blurring of lines between smartphones, tablet PCs and so on, one wonders if it is quite so easy to distinguish between mobile banking and internet banking to the same degree.
Some reviewers say that E-Banking has better security features than M-Banking and that its reporting and information capabilities are more refined. Some say that M-Banking is merely a feature of E-Banking. Some say that mobile offers more and with the speed at which smartphones are being adopted in the US, this could well soon be true. What we do know is that both types of banking are taking hold of the banking industry and changing it beyond recognition.
M-banking is definitely the way of the future for many. As smartphones adoption continues to rise and as these devices generally now have larger screens and bigger memory capacity so mobile banking will inevitably become increasingly popular with these users. Mobile is the way of the future for so many things including marketing and if your business hasn't yet tuned into what mobile marketing can do for you, visit us now to find out more.
It is important to distinguish the various new terminology before one gets a clear idea of whether there are marked differences between these two types of banking via the Web. M-Banking or Mobile banking or text/SMS banking as it is sometimes known, is designed to allow you to access your banking features through your mobile device such as a smartphone. It is still relatively new to many and it does not cover every type of banking facility but it can be used for performing balance checks, account transactions, payments, credit applications by example. It has earned the term 'anywhere' banking for its accessibility and it has seen a phenomenal growth over the past ten years and more recently, particularly to those who use their smartphones a lot.
Internet banking, or E-Banking refers to a system where a customer can access their accounts and banking information via a personal computer or similar device. This was first introduced in the 1980's but has seen a massive growth of usage over the past decade. So the two concepts sound relatively similar, but just use a different device - or do they? With the huge advances in smartphone technology and the blurring of lines between smartphones, tablet PCs and so on, one wonders if it is quite so easy to distinguish between mobile banking and internet banking to the same degree.
Some reviewers say that E-Banking has better security features than M-Banking and that its reporting and information capabilities are more refined. Some say that M-Banking is merely a feature of E-Banking. Some say that mobile offers more and with the speed at which smartphones are being adopted in the US, this could well soon be true. What we do know is that both types of banking are taking hold of the banking industry and changing it beyond recognition.
M-banking is definitely the way of the future for many. As smartphones adoption continues to rise and as these devices generally now have larger screens and bigger memory capacity so mobile banking will inevitably become increasingly popular with these users. Mobile is the way of the future for so many things including marketing and if your business hasn't yet tuned into what mobile marketing can do for you, visit us now to find out more.
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